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On May 31, Denis Pushilin, governor of the Donetsk Peoples Republic of Russia, told the Russian Satellite News Agency that although the Ukrainian army has sent additional reserve forces to the "most vulnerable" sections of its front line, such as Krasnoyarsk (called "Pokrovsk" in Ukraine) and Chasov Yar, the Russian army is cutting off the Ukrainian armys supply lines in multiple directions in the republic.According to Irans Mehr News Agency: A Ukrainian drone launched an attack on Russias Kursk region, injuring 10 people.On May 31, Moodys Ratings said it had downgraded the Brazilian governments rating outlook from "positive" to "stable" and said it expects interest payments on Brazilian government debt to rise. Moodys said the change in outlook reflects "reducing upside credit risks due to a clear deterioration in debt affordability and, despite adhering to the basic balance target, slower-than-expected progress in addressing spending rigidity and building credibility around fiscal policy". Brazils real GDP growth remains strong, but rising inflation and inflation expectations have led the central bank to re-tighten monetary policy. Moodys said that because the Brazilian governments debt structure is sensitive to interest rate changes, interest payments will increase significantly, resulting in higher overall fiscal deficits and debt accumulation than previously expected. At the same time, Moodys also confirmed Brazils long-term local and foreign currency issuer ratings and senior unsecured bond ratings at Ba1.May 31st news, recently, the European Commissions Commissioner for Climate Action Wopke Hoekstra told representatives of member states that the European Commission will propose an emission reduction target on July 2, proposing to reduce the EUs net greenhouse gas emissions by 90% from 1990 levels by 2040, and provide flexibility on how countries can achieve this goal, including allowing member states to use flexible measures such as international carbon credits to achieve the goal. For example, EU countries can pay for foreign emission reduction projects and count the emission reductions they achieve into EU countries. Germany, France and Poland have expressed support for this proposal, but critics have warned that the use of carbon credits will undermine the EUs efforts to decarbonize the economy by the middle of the 21st century.JPMorgan Chase: Oil prices are expected to fluctuate within the current range and are expected to gradually rise to a high of more than $50 per barrel by the end of the year.

Stellantis subsidiary found guilty in U.S. diesel pollution investigation and fined $300 million

Charlie Brooks

Aug 02, 2022 10:21

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Monday, after pleading guilty to criminal conspiracy in June, the U.S. branch of Fiat Chrysler Automobiles was forced to pay almost $300 million to resolve a multi-year diesel emissions fraud probe by the Justice Department.


FCA US LLC, previously Chrysler Group LLC, signed an agreement with the Justice Department to forfeit $203.6 million and pay a $96.1 million punishment. Additionally, the FCA US division of Stellantis NV was sentenced to three years of organizational probation.


More than 100,000 Jeep Grand Cherokee and Ram 1500 diesel vehicles produced in the United States between 2014 and 2016 were reportedly marketed with falsified emissions data.


The Department of Justice alleges that FCA conspired to cheat on U.S. emissions tests.


The $300 million criminal fine "is the outcome of a three-year investigation," as stated by Assistant Attorney General Todd Kim. This resolution underscores the Justice Department's commitment to holding businesses accountable for misleading authorities.


The government emphasized that FCA US had previously paid a $311 million civil penalty and over $183 million in compensation to over 63,000 diesel class action claimants.


The automaker must conduct an initial evaluation of its compliance with the Clean Air Act and inspection and testing procedures, submit a report, and produce at least two more reports. Reuters was the first to report the planned settlement in May.


According to the Justice Department, FCA US utilized deceptive software features to avoid regulatory scrutiny and falsely help diesel vehicles in complying with pollution laws.


Stellantis previously asserted that it had amassed 266 million euros in compensation funds. FCA merged with Peugeot (OTC:PUGOY) maker PSA in 2021 to become Stellantis.


Three FCA US employees are now awaiting trial on allegations of conspiring to defraud the United States and violating the Clean Air Act.


Volkswagen (ETR:VOWG p) pleaded guilty to criminal charges to settle its own pollution problem affecting around 600,000 U.S. automobiles in the "Dieselgate" controversy five years previously. Volkswagen has paid more than $30 billion in connection with this matter.

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